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South Cook News

Tuesday, April 16, 2024

Former state school employee Casper paid in $101K to teachers' pension fund, could collect $2.16M in retirement

Money 07

Former state school employee Janice Casper, who retired in January 2017, saved $101,380 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Casper would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Casper received $45,361 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Casper will have already received $140,207 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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